April 2, 2024 – Below is Cerberus Capital Management’s letter to the US Congress regarding its role in the ongoing collapse of MPW’s largest tenant Steward Health Care. It includes an admission of Steward’s involvement in 3 hospitals in Malta that was later found to
March 9, 2024 – Steward continues to implode: MPW and communities it was supposed to serve are caught in the gravitational pull of a massive, insolvent dying star. The situation in Massachusetts has become so dire that Senators Elizabeth Warren and Edward Markey addressed a
February 2, 2024 – Below is Viceroy’s subpoena to MPW’s auditor PWC. While we don’t have much confidence in MPW’s financials we hope PWC’s disclosures will be more illuminating than their audits.
February 14, 2024 – Viceroy has sent another letter to MPW’s auditors, 1 year following our previous correspondence. We note that in that year PWC have continued to fail in their capacity as auditor to assure the financial statements of MPW are free of material
September 6, 2023 – Below is Viceroy’s second request for Discovery from Medical Properties Trust. While we understand that management may be occupied putting out fires at Steward Health Care we hope they are able comply with our request.
December 6, 2023 – Below is Viceroy’s briefing on discovery issues in our ongoing dispute with Medical Properties Trust. Once again the company is holding out on key documents relating to Steward and Prospect while requesting irrelevant documents. It’s our view that Medical Properties Trust
October 24, 2023 – Below is a memo from Viceroy Research’s counsel to Medical Properties Trust’s counsel regarding their inadequate response to our discovery requests. The company’s narrative, that Viceroy is solely responsible for their share price declines, ignores the management decisions that are driving the
October 10, 2023 – Below is MPW’s response to Viceroy’s request for discovery. Unsurprisingly for a company with such embarrassingly poor disclosure, MPW has effectively refused to produce many of the documents requested.
October 9, 2023 – Below is United States et al.’s 2021 False Claims Act complaint against Steward Health Care and associates. The complaint centres on unlawful kickbacks and a scheme between Steward and First Choice to “direct expensive and profitable procedures to Steward’s central Florida
September 29, 2023 – Below is Zurich American Insurance Company’s supplemental brief in Medical Properties Trust’s appeal. MPW and Steward lost their case against the AGLIC and Zurich Insurance. They are appealing but it raises questions about what MPW can reasonably expect back in light
Viceroy Research LLC are an investigative financial research group registered in Delaware, USA.
Our research reports have been prepared for educational purposes only and expresses our opinions. Our reports and any statements made in connection with them are the authors’ opinions, which have been based upon publicly available facts, field research, information, and analysis through our due diligence process, and are not statements of fact. All expressions of opinion are subject to change without notice, and we do not undertake to update or supplement any reports or any of the information, analysis and opinion contained in them. We believe that the publication of our opinions about public companies that we research is in the public interest. We are entitled to our opinions and to the right to express such opinions in a public forum. You can access any information or evidence cited in this report or that we relied on to write this report from information in the public domain.
To the best of our ability and belief, all information contained herein is accurate and reliable, and has been obtained from public sources we believe to be accurate and reliable, and who are not insiders or connected persons of the stocks covered herein or who may otherwise owe any fiduciary duty or duty of confidentiality to the issuer. We have a good-faith belief in everything we write; however, all such information is presented “as is,” without warranty of any kind – whether express or implied.
In no event will we be liable for any direct or indirect trading losses caused by any information available on this report. Think critically about our opinions and do your own research and analysis before making any investment decisions. We are not registered as an investment advisor in any jurisdiction. By downloading, reading or otherwise using our research reports, you agree to do your own research and due diligence before making any investment decision with respect to securities discussed herein, and by doing so, you represent to us that you have sufficient investment sophistication to critically assess the information, analysis and opinions in this report. You should seek the advice of a security professional regarding your stock transactions.
This website, all documents contained herein or any information herein should not be interpreted as an offer, a solicitation of an offer, invitation, marketing of services or products, advertisement, inducement, or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or to make any type of investment, or as an opinion on the merits or otherwise of any particular investment or investment strategy.
Any examples or interpretations of investments and investment strategies or trade ideas are intended for illustrative and educational purposes only and are not indicative of the historical or future performance or the chances of success of any particular investment and/or strategy.
You should assume that the authors have a direct or indirect interest/position in all stocks (and/or options, swaps, and other derivative securities related to the stock) and bonds covered herein, and therefore stand to realize monetary gains in the event that the price of either declines.
The authors may continue transacting directly and/or indirectly in the securities of issuers covered herein for an indefinite period and may be long, short, or neutral at any time hereafter regardless of their initial recommendation.